Getting my dad off my mortgage

nuttyarab

15ish years ago I wanted to get on the property ladder, I was employed but back then I need a guarantee so my Dad who was self employed at the time was put on my mortgage and it was accepted.
My Dad has not put a penny in to my mortgage, it has always me that has made every payment.
Now the situation is my Dad is poorly, probably won't make old bones so I need to think ahead.
My situation is now im self employed as of 2 years ago and like most self employment it takes a few years to establish, then on top of this year I'm now set back.
Still easily paying the mortgage, never missed a payment.
Can I just get him taken off? I'm really stuck and don't seem to be getting any advice.

Thrugelmir

Try some lenders online mortgage calculators and see if they'll potentially lend the amount that's required. You'll need to apply for a new mortgage in your own right and meet the lenders criteria. 

MWT

What arrangements were made at the time with regards to your Father's interest in the property?

As well as a new mortgage you may have to address that at the same time if I've understood your intent and your concern correctly...

nuttyarab

Thrugelmir said:

Try some lenders online mortgage calculators and see if they'll potentially lend the amount that's required. You'll need to apply for a new mortgage in your own right and meet the lenders criteria. 

This is the issue, on paper I probably won't meet the criteria.

MWT

nuttyarab said:

This is the issue, on paper I probably won't meet the criteria.

Talk to a broker as this you need to be sure about the answer to that question as it is probably the only way out of the situation you are currently in...

csgohan4

You may need to pay a sum to pay   him off. If it is below market value, it may be seen as deprivation of assets, so you must be careful. hindsight is wonderful but sadly another  thread where money and family shouldn't mix. 

nuttyarab

csgohan4 said:

You may need to pay a sum to pay   him off. If it is below market value, it may be seen as deprivation of assets, so you must be careful. hindsight is wonderful but sadly another  thread where money and family shouldn't mix. 

He doesn't want any money, he is just concerned that my Mum will be stung by inheritance tax from the house if he passes 

Alter_ego

Change the ownership of the house to tenants in common with father owning 1% and you 99%

MWT

Are you and your father 'joint tenants' or 'tenants in common' ?

As long as your parents are married, the answer makes a difference as to who might be impacted and if there would be an IHT liability...

You do need some proper advice though as it is not just a question of getting him off of your mortgage...